Penske Automotive Group Inc was incorporated in the state of Delaware and began dealership operations in October 1992. The Company is the automotive retailer headquartered in the U.S. As of December 31, 2013, it operated 324 retail automotive franchises, of which 176 franchises are located in the U.S. and 148 franchises are located outside of the U.S. The franchises outside the U.S. are located mainly in the U.K. In 2012, it retailed and wholesaled more than 442,000 vehicles. It offers various vehicle brands of non-U.S. based manufacturers, and premium brands, such as Audi, BMW, Mercedes-Benz and Porsche. Each of its dealerships offers a selection of new and used vehicles for sale. New and used vehicle revenues include sales to retail customers and to leasing companies providing consumer automobile leasing. It generate finance and insurance revenues from sales of third-party extended service contracts, sales of third-party insurance policies, commissions relating to the sale of finance and lease contracts to third parties and the sales of certain other products. Service and parts revenues include fees paid for repair, maintenance and collision services, and the sale of replacement parts and other aftermarket accessories. It also owns a 9.0% limited partnership interest in Penske Truck Leasing Co., L.P. (PTL), and a global transportation services provider. The Company competes with other franchised dealers in each of its marketing areas, relying on its premium facilities, advertising and merchandising, management experience, sales expertise, service reputation and the location of its dealerships to attract and retain customers. It also compete with dealers that sell the same brands of new vehicles that it sell and with dealers that sell other brands of new vehicles that it does not represent in a particular market. The Company is subject to a wide range of environmental laws and regulations, including those governing discharges into the air and water, the operation and removal of aboveground and underground storage tanks, the use, handling, storage and disposal of hazardous substances and other materials and the investigation and remediation of environmental contamination.